Writing11
Long-form notes on how onchain markets actually work: perps, funding, yield, and the exchanges that run them.
- HIP-1: The Token Standard That Killed the Listing Process
HIP-1 is Hyperliquid's native token standard that fuses token creation with market creation — deploy a token and its on-chain order book materializes in the same transaction.
- HIP-4 Mainnet Status: Hyperliquid's Derivative Without Leverage
HIP-4 is Hyperliquid's outcome trading primitive — binary contracts, no leverage, no liquidations. Mainnet launch expected within 2026. Co-authored with Kalshi.
- Global Stablecoin Regulation
Maturity overview of stablecoin regulation across major jurisdictions, April 2026.
- Boros: What Happens When You Can Trade Funding Rates Themselves
Boros turns perp funding rates into a tradeable interest rate swap — pay fixed, receive floating. A derivative of a derivative, and what it means.
- The Cash & Carry Out: Why the Exit Is the Whole Strategy
Buy spot, short perp, collect funding. The entry is easy. The carry out — exiting without giving back your profits — is where the strategy lives or dies.
- How Ethena's sUSDe Actually Works
Ethena turned the cash-and-carry trade into a token. The yield is real — until the protocol's own growth compresses it. Here's the full mechanism.
- How Crypto Funding Rates Actually Work
The formula behind crypto funding rates, why they differ across exchanges, the clamp function nobody explains, and what extremes actually signal.
- How a Perpetual Futures Exchange Is Actually Built
The five engines inside a perps exchange — matching, clearing, pricing, liquidation, and funding — using Hyperliquid and the JELLY incident as the stress test.
- Pendle V2: How Yield Tokenization Actually Works
Pendle splits any yield-bearing token into principal and yield, creating DeFi's first real fixed income market. The mechanism, the AMM, and the risks.
- HIP-3: How Hyperliquid Turned Itself Into a Market Factory
HIP-3 lets anyone deploy perpetual futures on Hyperliquid for any asset — stocks, oil, indices, even Pokemon cards. The first breakout was crude oil.
- What Is a Perpetual Future, Really
Everyone says 'futures without expiry.' The real story is a set of engineering decisions that restructured how crypto markets work — and now they're escaping crypto.